Whole Foods Plummets 10% After Missing on Earnings, Revenue and Same-Store-Sales

Keep an eye on shares of Whole Foods Market (WFM) in Thursday’s trading session. The natural and organic foods company released its third-quarter financial results after the closing bell Wednesday.
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Keep an eye on shares of Whole Foods Market (WFM) in Thursday’s trading session. The natural and organic foods company released its third-quarter financial results after the closing bell Wednesday. For the third quarter, the company posted a profit of $0.43 a share, missing Wall Street estimates by 2 cents. Whole Foods raked in record sales of $3.63 billion, but missed analysts' expectations of $3.69 billion, according to Thomson Reuters data. In the same period of last year, the company earned $0.41 per share on sales of $3.38 billion. The company also reported same store sales that fell below analysts’ estimates for the quarter. Comparable store sales on a constant currency basis increased by 1.3%. Analysts were expecting same store sales to rise by at least 2.9%. The company also issued lower than expected fourth quarter guidance. For the full year ending in September, earnings are expected by analysts to rise by 10% from a year ago to $1.72 a share while revenue is expected to jump 9% to $15.59 billion. Whole Foods shares finished the regular session in the red on heavy volume, and fell further to the downside by roughly 10% in after-hours trading following the earnings release. TheStreet's Kurumi Fukushima reports in New York.